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Buy to Let Mortgage at 22 years of age

edited 30 November -1 at 1:00AM in Mortgages & Endowments
15 replies 1.3K views
josh1924josh1924 Forumite
28 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi all,

I currently live at home with parents and am looking into getting a buy to let mortgage for the time being. I have savings and a steady income but it would be my first mortgage.

I know some lenders specify you need to be over 25 or have had another mortgage before. Is this always the case?

Thanks :)
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Replies

  • ThrugelmirThrugelmir Forumite
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    Most BTL lenders require a borrower to already own their residential property. As a form of security.
    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • josh1924josh1924 Forumite
    28 Posts
    Thrugelmir wrote: »
    Most BTL lenders require a borrower to already own their residential property. As a form of security.

    Do you mean actually own with no mortgage? So fully paid off?

    Thanks!
  • kingstreetkingstreet Forumite
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    Most BTL lenders want to lend to homeowners, with or without an existing mortgage.

    This is because a person wishing to buy a property with insufficient income could use the BTL route to buy a residence, so this risk is avoided by ensuring the applicant already owns one.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • josh1924josh1924 Forumite
    28 Posts
    Thanks for the response.

    Is this the case with all lenders though? Or are there any alternatives that people are aware of?
  • kingstreetkingstreet Forumite
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    An independent broker would be your best port of call, as BTL products are still broker-centred with many lenders not dealing direct with the borrower.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • GMSGMS Forumite
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    How much is the property you want? How much deposit do you have?

    How much do you earn?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • josh1924josh1924 Forumite
    28 Posts
    kingstreet wrote: »
    An independent broker would be your best port of call, as BTL products are still broker-centred with many lenders not dealing direct with the borrower.

    Ok great thanks! Do you know of any website or similar where I can easily find these brokers?

    Thanks again :)
  • josh1924josh1924 Forumite
    28 Posts
    GMS wrote: »
    How much is the property you want? How much deposit do you have?

    How much do you earn?

    Not sure yet on the property, I'm finding out if it's possible first. In terms of deposit it would be about £40,000. Earnings are about £28,000.

    Thanks!
  • kingstreetkingstreet Forumite
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    josh1924 wrote: »
    Ok great thanks! Do you know of any website or similar where I can easily find these brokers?

    Thanks again :)
    Ask friends and relatives for a recommendation.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • GMSGMS Forumite
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    Percentage deposit will be key so you need to know where your expectations are.

    If 40k is 50% ten it will be easier than if it is 15% for example.

    You also need to make sure the rent covers a lender calculation.

    Broker definitely the place to be for this.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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